The PIPC claims that the Worldcoin Foundation failed to appropriately inform the subjects of their scanned iris data on the intended use and length of possession. Before March 22, the PIPC reportedly noted that the initiative lacked a Korean translation of its biometric data consent form.

The Worldcoin Foundation paid fines of 725 million won ($545,000) for mishandled sensitive data and data transmission offshore offenses. Simultaneously, the authorities declared TFH paid a 379 million won ($285, 133) penalty for violating its obligation in the offshore data transferral.

According to the regulator, TFH and the Worldcoin Foundation neglected to notify the subjects of the nation where personal information is transferred the name and contact details of the individual obtaining the personal information, as advised by the local law.

Moreover, TFH did not sufficiently age-verify any signees under 14 until April this year, and the organization did not offer a metric for people to request their iris data to be removed.

Still, the PIPC noted that Worldcoin addresses the problems and that sensitive data collection in South Korea is not forbidden there. PIPC of South Korea began looking at the proposal in February this year.

Under Tools For Humanity, a firm Blania and OpenAI CEO Sam Altman co-founded, Worldcoin is a project. With an eye toward shielding people from possible harmful effects from artificial intelligence, the initiative provides “World IDs” to those who scan their irises on an Orb device as proof of humanism. Its website claims that signees receive WLD cryptocurrency; Worldcoin boasts over 6.7 million confirmed World IDs spread over more than 160 countries globally.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Worldcoin Fined for Data Violations in South Korea appeared first on Coin Engineer.

The Worldcoin Foundation has released an open source system that can increase the protection of data created when users sign up for the Worldcoin project. “This system is available on the GitHub repository for any organization to use and aims to set a new standard for data protection, including the protection of biometric data,” he said. Worldcoin stated that the new open source system is based on secure multi-party computation (SMPC).

Worldcoin Foundation said that it has switched to the new system and in this process, it has deleted the iris codes previously collected by users who had their eyes scanned with Orb devices while signing up for the Worldcoin project. The Worldcoin project gives people cryptocurrency, or WLD tokens, when they sign up and get an eye scan to prove their personality and create a digital identity.

Secure multiparty computing (SMPC) is a type of cryptography that allows data to be distributed securely across different locations. “It can be thought of as breaking a secret into multiple parts and sharing it between different parties, which increases protection,” the Worldcoin Foundation said.

The Worldcoin Foundation also noted that, with contributions from technology experts from TACEO and Tools for Humanity, they have developed a new SMPC application that addresses the scale and cost constraints that have previously hindered others.

With this new system, it seems that the Worldcoin project aims to manage user data in a more secure and transparent way, thus gaining wider acceptance and attracting more users.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Worldcoin Aims to Set New Data Protection Standards appeared first on Coin Engineer.